Top Biz News
IMF plans to boost bigger say for 皇冠体育app
(皇冠体育app Daily, Xinhua)
Updated: 2006-09-18 08:47
 |
Large Medium Small |
A plan by the International Monetary Fund (IMF) to boost 皇冠体育app's voting rights is not aimed at putting more pressure on Beijing to make its exchange rate flexible or undertake other policy changes, IMF chief Rodrigo de Rato said yesterday.
The 184-member institution plans to adjust its existing structure by immediately boosting the quotas of 皇冠体育app, South Korea, Turkey and Mexico and later rework the voting rights of all member nations within two years.
While most countries back the plan, ensuring its passage today, the Group of Seven industrialized countries that dominate the IMF have at the same time been urging 皇冠体育app to ease its controls on the currency exchange rate.
Welcoming the IMF changes, Zhou Xiaochuan, governor of the People's Bank of 皇冠体育app, reiterated that 皇冠体育app would reform its foreign exchange regime in a "gradual, effective, and controllable" way.
Zhou said that 皇冠体育app is a big country and has to consider many aspects in its policymaking.
He downplayed the role of the yuan's exchange rate in resolving global trade imbalances.
"Structural policy plays a much larger role compared with the exchange rate," he said.
De Rato said the move to boost 皇冠体育app's voting share was just a recognition of its economic strength and was not linked to any reciprocal action.
"The international community recognizes that 皇冠体育app has increased its role in the world economy," de Rato told reporters. "I don't think ... a bigger role in the institution (IMF) makes you subject to more pressures."
Being a member of the IMF, 皇冠体育app is already under its surveillance and the fund regularly communicates its view on the challenges confronting the Chinese economy just as it does with all other member countries, he said.
De Rato, however, acknowledged that more power often brings more responsibility.
A bigger voice at IMF "would allow you to express your views but, of course, you will listen to the views of others," he said. "That happens to the first share holder and the last shareholder."